Ventas Inc
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
VTR$90.34+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements (Unaudited)
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS
| As of September 30, 2024 | As of December 31, 2023 | |
|---|---|---|
| Assets | ||
| Real estate investments: | ||
| Land and improvements | $2,638,649 | $2,596,274 |
| Buildings and improvements | 27,626,929 | 27,201,381 |
| Construction in progress | 362,189 | 368,143 |
| Acquired lease intangibles | 1,460,883 | 1,448,146 |
| Operating lease assets | 309,765 | 312,142 |
| 32,398,415 | 31,926,086 | |
| Accumulated depreciation and amortization | (10,888,157) | (10,177,136) |
| Net real estate property | 21,510,258 | 21,748,950 |
| Secured loans receivable and investments, net | 144,797 | 27,986 |
| Investments in unconsolidated real estate entities | 622,996 | 598,206 |
| Net real estate investments | 22,278,051 | 22,375,142 |
| Cash and cash equivalents | 1,104,733 | 508,794 |
| Escrow deposits and restricted cash | 60,964 | 54,668 |
| Goodwill | 1,045,955 | 1,045,176 |
| Assets held for sale | 50,637 | 56,489 |
| Deferred income tax assets, net | 3,495 | 1,754 |
| Other assets | 803,354 | 683,410 |
| Total assets | $25,347,189 | $24,725,433 |
| Liabilities and equity | ||
| Liabilities: | ||
| Senior notes payable and other debt | $13,668,871 | $13,490,896 |
| Accrued interest | 113,753 | 117,403 |
| Operating lease liabilities | 215,440 | 194,734 |
| Accounts payable and other liabilities | 1,148,752 | 1,041,616 |
| Liabilities related to assets held for sale | 5,252 | 9,243 |
| Deferred income tax liabilities | 36,755 | 24,500 |
| Total liabilities | 15,188,823 | 14,878,392 |
| Redeemable OP unitholder and noncontrolling interests | 329,688 | 302,636 |
| Commitments and contingencies | ||
| Equity: | ||
| Ventas stockholders’ equity: | ||
| Preferred stock, $1.00 par value; 10,000 shares authorized, unissued | — | — |
| Common stock, $0.25 par value; 600,000 shares authorized, 419,267 and 402,380 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 104,723 | 100,648 |
| Capital in excess of par value | 16,466,182 | 15,650,734 |
| Accumulated other comprehensive loss | (38,472) | (35,757) |
| Retained earnings (deficit) | (6,748,224) | (6,213,803) |
| Treasury stock, 3 and 279 shares issued at September 30, 2024 and December 31, 2023, respectively | (25,115) | (13,764) |
| Total Ventas stockholders’ equity | 9,759,094 | 9,488,058 |
| Noncontrolling interests | 69,584 | 56,347 |
| Total equity | 9,828,678 | 9,544,405 |
| Total liabilities and equity | $25,347,189 | $24,725,433 |
CONSOLIDATED STATEMENTS OF INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | ||||
| Rental income: | ||||
| Triple-net leased properties | $155,349 | $159,812 | $464,651 | $463,906 |
| Outpatient medical and research portfolio | 220,957 | 226,326 | 658,687 | 645,137 |
| 376,306 | 386,138 | 1,123,338 | 1,109,043 | |
| Resident fees and services | 845,532 | 754,417 | 2,476,436 | 2,184,024 |
| Third party capital management revenues | 4,392 | 5,315 | 13,020 | 13,488 |
| Income from loans and investments | 1,881 | 1,208 | 4,606 | 21,351 |
| Interest and other income | 8,204 | 2,754 | 19,809 | 5,529 |
| Total revenues | 1,236,315 | 1,149,832 | 3,637,209 | 3,333,435 |
| Expenses | ||||
| Interest | 150,437 | 147,919 | 449,629 | 419,259 |
| Depreciation and amortization | 304,268 | 370,377 | 944,371 | 957,185 |
| Property-level operating expenses: | ||||
| Senior housing | 631,550 | 573,715 | 1,844,730 | 1,658,047 |
| Outpatient medical and research portfolio | 77,479 | 78,915 | 224,703 | 217,999 |
| Triple-net leased properties | 4,379 | 3,847 | 11,623 | 11,180 |
| 713,408 | 656,477 | 2,081,056 | 1,887,226 | |
| Third party capital management expenses | 1,553 | 1,472 | 4,956 | 4,614 |
| General, administrative and professional fees | 35,092 | 33,297 | 121,556 | 112,494 |
| Loss (gain) on extinguishment of debt, net | — | 612 | 672 | (6,189) |
| Transaction, transition and restructuring costs | 8,580 | 7,125 | 16,143 | 11,580 |
| Recovery of allowance on loans receivable and investments, net | (56) | (66) | (166) | (20,195) |
| Gain on foreclosure of real estate | — | — | — | (29,127) |
| Shareholder relations matters | — | — | 15,751 | — |
| Other expense (income) | 3,935 | 9,432 | 10,729 | (765) |
| Total expenses | 1,217,217 | 1,226,645 | 3,644,697 | 3,336,082 |
| Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | 19,098 | (76,813) | (7,488) | (2,647) |
| Income (loss) from unconsolidated entities | 4,629 | (5,119) | (5,406) | 20,512 |
| Gain on real estate dispositions | 271 | 10,711 | 50,282 | 22,317 |
| Income tax (expense) benefit | (3,002) | 1,662 | (7,764) | 14,237 |
| Net income (loss) | 20,996 | (69,559) | 29,624 | 54,419 |
| Net income attributable to noncontrolling interests | 1,753 | 1,565 | 5,306 | 4,573 |
| Net income (loss) attributable to common stockholders | $19,243 | $(71,124) | $24,318 | $49,846 |
| Earnings per common share | ||||
| Basic: | ||||
| Net income (loss) | $0.05 | $(0.17) | $0.07 | $0.14 |
| Net income (loss) attributable to common stockholders | 0.05 | (0.18) | 0.06 | 0.12 |
| Net income (loss) | $0.05 | $(0.17) | $0.07 | $0.13 |
| Net income (loss) attributable to common stockholders | 0.05 | (0.18) | 0.06 | 0.12 |
1 Potential common shares are not included in the computation of diluted earnings per share (“EPS”) when a net loss exists as the effect would be an antidilutive per share amount.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income (loss) | $20,996 | $(69,559) | $29,624 | $54,419 |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation gain (loss) | 6,908 | (2,858) | 14,032 | 2,922 |
| Unrealized gain on available for sale securities | 869 | — | 147 | — |
| Unrealized (loss) gain on derivative instruments | (29,940) | 10,042 | (20,488) | 29,241 |
| Total other comprehensive (loss) income | (22,163) | 7,184 | (6,309) | 32,163 |
| Comprehensive (loss) income | (1,167) | (62,375) | 23,315 | 86,582 |
| Comprehensive income attributable to noncontrolling interests | 653 | 379 | 1,712 | 6,118 |
| Comprehensive (loss) income attributable to common stockholders | $(1,820) | $(62,754) | $21,603 | $80,464 |
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2024 and 2023
| For the Three Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2019 | CommonStock ParValue | Capital inExcess ofPar Value | AccumulatedOtherComprehensive(Loss) Income | RetainedEarnings(Deficit) | TreasuryStock | Total VentasStockholders’Equity | NoncontrollingInterests | Total Equity |
| Balance at July 1, 2024 | $103,242 | $16,135,972 | $(17,409) | $(6,577,395) | $(25,060) | $9,619,350 | $48,366 | $9,667,716 |
| Net income | — | — | — | 19,243 | — | 19,243 | 1,753 | 20,996 |
| Other comprehensive loss | — | — | (21,063) | — | — | (21,063) | (1,100) | (22,163) |
| Net change in noncontrolling interests | — | 2,229 | — | — | — | 2,229 | 20,565 | 22,794 |
| Dividends to common stockholders—$0.45 per share | — | 22 | — | (190,072) | — | (190,050) | — | (190,050) |
| Issuance of common stock for stock plans, restricted stock grants and other | 1,481 | 373,553 | — | — | (55) | 374,979 | — | 374,979 |
| Adjust redeemable OP unitholder interests to current fair value | — | (45,594) | — | — | — | (45,594) | — | (45,594) |
| Redemption of OP Units | — | — | — | — | — | — | — | — |
| Balance at September 30, 2024 | $104,723 | $16,466,182 | $(38,472) | $(6,748,224) | $(25,115) | $9,759,094 | $69,584 | $9,828,678 |
| For the Three Months Ended September 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| CommonStock ParValue | Capital inExcess ofPar Value | AccumulatedOtherComprehensive(Loss) Income | RetainedEarnings(Deficit) | TreasuryStock | Total VentasStockholders’Equity | NoncontrollingInterests | Total Equity | |
| Balance at July 1, 2023 | $100,206 | $15,584,858 | $(14,552) | $(5,688,499) | $(13,631) | $9,968,382 | $60,062 | $10,028,444 |
| Net (loss) income | — | — | — | (71,124) | — | (71,124) | 1,565 | (69,559) |
| Other comprehensive income (loss) | — | — | 8,370 | — | — | 8,370 | (1,186) | 7,184 |
| Net change in noncontrolling interests | — | (6,637) | — | — | — | (6,637) | (3,881) | (10,518) |
| Dividends to common stockholders—$0.45 per share | — | 9 | — | (181,680) | — | (181,671) | — | (181,671) |
| Issuance of common stock for stock plans, restricted stock grants and other | 441 | 87,998 | — | — | (3) | 88,436 | — | 88,436 |
| Adjust redeemable OP unitholder interests to current fair value | — | 11,785 | — | — | — | 11,785 | — | 11,785 |
| Redemption of OP Units | — | 18 | — | — | — | 18 | — | 18 |
| Balance at September 30, 2023 | $100,647 | $15,678,031 | $(6,182) | $(5,941,303) | $(13,634) | $9,817,559 | $56,560 | $9,874,119 |
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2024 and 2023
| For the Nine Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2019 | CommonStock ParValue | Capital inExcess ofPar Value | AccumulatedOtherComprehensive(Loss) Income | RetainedEarnings(Deficit) | TreasuryStock | Total VentasStockholders’Equity | NoncontrollingInterests | Total Equity |
| Balance at January 1, 2024 | $100,648 | $15,650,734 | $(35,757) | $(6,213,803) | $(13,764) | $9,488,058 | $56,347 | $9,544,405 |
| Net income | — | — | — | 24,318 | — | 24,318 | 5,306 | 29,624 |
| Other comprehensive loss | — | — | (2,715) | — | — | (2,715) | (3,594) | (6,309) |
| Net change in noncontrolling interests | — | (16,970) | — | — | — | (16,970) | 11,525 | (5,445) |
| Dividends to common stockholders—$1.35 per share | — | 55 | — | (558,739) | — | (558,684) | — | (558,684) |
| Issuance of common stock for stock plans, restricted stock grants and other | 4,075 | 884,661 | — | — | (11,351) | 877,385 | — | 877,385 |
| Adjust redeemable OP unitholder interests to current fair value | — | (50,702) | — | — | — | (50,702) | — | (50,702) |
| Redemption of OP Units | — | (1,596) | — | — | — | (1,596) | — | (1,596) |
| Balance at September 30, 2024 | $104,723 | $16,466,182 | $(38,472) | $(6,748,224) | $(25,115) | $9,759,094 | $69,584 | $9,828,678 |
| For the Nine Months Ended September 30, 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|
| CommonStock ParValue | Capital inExcess ofPar Value | AccumulatedOtherComprehensive(Loss) Income | RetainedEarnings(Deficit) | TreasuryStock | Total VentasStockholders’Equity | NoncontrollingInterests | Total Equity | |
| Balance at January 1, 2023 | $99,912 | $15,539,777 | $(36,800) | $(5,449,385) | $(536) | $10,152,968 | $68,709 | $10,221,677 |
| Net income | — | — | — | 49,846 | — | 49,846 | 4,573 | 54,419 |
| Other comprehensive income | — | — | 30,618 | — | — | 30,618 | 1,545 | 32,163 |
| Net change in noncontrolling interests | — | (1,781) | — | — | — | (1,781) | (18,267) | (20,048) |
| Dividends to common stockholders—$1.35 per share | — | 19 | — | (541,764) | — | (541,745) | — | (541,745) |
| Issuance of common stock for stock plans, restricted stock grants and other | 735 | 136,215 | — | — | (13,098) | 123,852 | — | 123,852 |
| Adjust redeemable OP unitholder interests to current fair value | — | 3,852 | — | — | — | 3,852 | — | 3,852 |
| Redemption of OP Units | — | (51) | — | — | — | (51) | — | (51) |
| Balance at September 30, 2023 | $100,647 | $15,678,031 | $(6,182) | $(5,941,303) | $(13,634) | $9,817,559 | $56,560 | $9,874,119 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $29,624 | $54,419 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 944,371 | 957,185 |
| Amortization of deferred revenue and lease intangibles, net | (41,194) | (44,543) |
| Other non-cash amortization | 22,347 | 15,499 |
| Recovery of allowance on loans receivable and investments, net | (166) | (20,195) |
| Stock-based compensation | 26,344 | 25,298 |
| Straight-lining of rental income | (6,469) | (4,425) |
| Loss (gain) on extinguishment of debt, net | 672 | (6,189) |
| Gain on real estate dispositions | (50,282) | (22,317) |
| Income tax expense (benefit) | 2,535 | (19,230) |
| Loss (gain) from unconsolidated entities | 5,406 | (20,512) |
| Gain on foreclosure of real estate | — | (29,127) |
| Distributions from unconsolidated entities | 13,639 | 12,953 |
| Other | 681 | (15,777) |
| Changes in operating assets and liabilities: | ||
| Increase in other assets | (122,404) | (55,339) |
| (Decrease) increase in accrued interest | (3,415) | 3,775 |
| Increase in accounts payable and other liabilities | 134,295 | 9,314 |
| Net cash provided by operating activities | 955,984 | 840,789 |
| Cash flows from investing activities: | ||
| Net investment in real estate property | (519,048) | (4,625) |
| Investment in loans receivable | (120,695) | (883) |
| Proceeds from real estate disposals | 275,396 | 167,296 |
| Proceeds from loans receivable | 6,496 | 44,036 |
| Proceeds from sale of interest in unconsolidated entities | — | 50,054 |
| Net cash assumed in foreclosure of real estate | — | 11,615 |
| Development project expenditures | (239,564) | (239,639) |
| Capital expenditures | (194,035) | (160,369) |
| Distributions from unconsolidated entities | 2,555 | 74,670 |
| Investment in unconsolidated entities | (55,503) | (97,989) |
| Insurance proceeds for property damage claims | 3,523 | 14,446 |
| Net cash used in investing activities | (840,875) | (141,388) |
| Cash flows from financing activities: | ||
| Net change in borrowings under revolving credit facilities | (6,151) | 6,169 |
| Net change in borrowings under commercial paper program | — | (402,354) |
| Proceeds from debt | 1,805,446 | 2,404,069 |
| Repayment of debt | (1,539,869) | (1,891,003) |
| Purchase of noncontrolling interests | (11,064) | (110) |
| Payment of deferred financing costs | (34,684) | (39,225) |
| Issuance of common stock, net | 850,561 | 108,455 |
| Cash distribution to common stockholders | (551,369) | (542,236) |
| Cash distribution to redeemable OP unitholders | (4,545) | (4,642) |
| Cash issued for redemption of OP Units | (2,087) | (845) |
| Contributions from noncontrolling interests | 3,646 | 11,187 |
| Distributions to noncontrolling interests | (14,140) | (20,867) |
| Proceeds from stock option exercises | 10,483 | 1,736 |
| Other | (17,208) | (8,628) |
| Net cash provided by (used in) financing activities | 489,019 | (378,294) |
| Net increase in cash, cash equivalents and restricted cash | 604,128 | 321,107 |
| Effect of foreign currency translation | (1,893) | (106) |
| Cash, cash equivalents and restricted cash at beginning of period | 563,462 | 170,745 |
| Cash, cash equivalents and restricted cash at end of period | $1,165,697 | $491,746 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| For the Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental schedule of non-cash activities: | ||
| Assets acquired and liabilities assumed from acquisitions and other: | ||
| Real estate investments | $10,463 | $— |
| Other assets | 1,171 | 7,873 |
| Other liabilities | 4,647 | 9,000 |
| Deferred income tax liability | 6,988 | 12,382 |
| Settlement of loan receivable | — | 486,082 |
| Real estate received in settlement of loan receivable | — | 1,566,395 |
| Assumption of debt related to real estate owned | — | 1,016,804 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.